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No Covid re-run: Social, market researchers on consumer mood say 70% tightening belts; young men stressed, 'third-life crisis' at 30 – but 24% free-spending so category discounts not required

Roy Morgan CEO Michele Levine, Southern Cross Austereo's Jasmine Beech, and veteran qualitative consumer researcher Neer Korn unpack what’s coming down the track – as far as anyone can tell.
Roy Morgan CEO Michele Levine, Southern Cross Austereo's Jasmine Beech, and veteran qualitative consumer researcher Neer Korn unpack what’s coming down the track – as far as anyone can tell. 

Social market researchers think the deepening cost of living crisis will play out very differently to Covid. But there are parallels with previous bust cycles. The “lipstick effect” comes into play, and certain categories – homeware, necessities, some everyday luxury branded goods – should hold up. But home renovations could end up consisting of nicer taps than a whole bathroom suite.

While 70 per cent of Australians report making some cutbacks, a quarter of the population will keep spending – and brands shouldn’t think about discounting to that cohort. For the broader population, retailers must communicate price hikes honestly or lose community trust earned during Covid, fast.

Click here to listen to the podcast. 

Click here to view the written piece to accompany the podcast.

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